Aptos Labs, a startup that rose from the wreckage of Meta Platforms Inc’s. fizzled crypto ambitions, has raised $150 million in new funding round, the organisation reported on Monday.
Situated in Palo Alto, California, Aptos is building a blockchain that utilises a programming language called Move, which is used to build Diem blockchain and also make exchanges quicker and less expensive.
Even as venture capitalists cool on crypto investing, and other digital currency new startups hope to raise at lower valuations during the market slump.
The funding round dramatically increased the startup’s previous valuation which was more than $1 billion in March. Established a year prior, Aptos raised $200 million from investors in its last funding round. The organisation declined to determine its new valuation.
Aptos’ co founders Mo Shaikh and Avery Ching are former employees of Meta and worked at doomed cryptocurrency project, Diem, which was upheld by Meta yet met with strong resistance with regulators, and at last sold its assets.
“We are developing upgradable, cutting-edge blockchain innovations that will dramatically improve the web3 experience for developers, brands and users,” stated Ching.
Mysten Labs, one more startup established by ex-Meta workers, is also constructing a blockchain that utilises the Move language and is raising new funding.
The Aptos funding round was led by FTX Ventures and Jump Crypto, which includes the likes of Andreessen Horowitz, Apollo, Franklin Templeton, Griffin Gaming Partners and Circle Ventures.
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